Inflation accelerated in February and stood at 8.85%

Inflation accelerated in February and stood at 8.85% in the accumulated of the last 12 months, from a previous 8.15% in January.

According to data released this Friday by the National Institute of Statistics (INE), there was a monthly variation of 1.47% during the second month of the year. The figure was well above analysts’ expectations (0.8% according to a Central Bank survey).

In this way, inflation remained at its highest level since February 2021 (9.12%) and moved away from the ceiling of the target range set by the authorities (between 3% and 7%).

In February, the items with the highest incidence were food and non-alcoholic beverages (0.87%), education (0.15%), housing (0.1%) and transportation (0.06%).

The food and beverage category rose 3.18%. An increase in the price of meat (1.81%), milk, eggs and cheese (2.2%), and legumes and vegetables (20.7%). Products such as bread and cereals also became more expensive (1.41%).

Meanwhile, the education category had a rise of 3.91% and it is explained by the increase in the prices of preschool, primary, secondary and university education.

In addition, the housing category became more expensive 0.69 % and is explained by increases in housing rental prices, sanitation and sewerage, and supergas.

The prices of the transportation item rose 0.64% due to the increase in the rates of gasoline, diesel and taxi service.

(Developing note)

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